Trulioo Is Making the Internet Safe for Business


Trulioo is a leading startup in the RegTech space. For the most part, the company’s technology allows businesses to mitigate risks by using identity management. The company may very well soon launch an IPO, enabling everyone to invest in Trulioo stock.

Source: Alexander Supertramp/

In 2011, Trulioo was founded by Stephen Ufford and Tanis Jorge. Before that, they had founded several other ventures in the consumer-credit industry. In fact, two of their companies were sold to Experian.

In a podcast, Ufford talked about the origins of Trulioo: “I know firsthand one of the things that inspired Trulioo when we started it was a story I saw on CNN of a woman who walked 45 minutes each way to pay her electricity bill. She was standing there with {CNN anchor} Anderson Cooper and began crying after she was presented with her first mobile phone and Facebook (NASDAQ:FB) account. They asked her why she was crying and she replied that the Facebook profile was the first time she ever existed on record anywhere. Because she existed and could be trusted online, she was able to get back hours {of} her life.”

How It Works

Over the years, Trulioo has developed a full suite of identify services. These services help improve security and meet regulatory requirements. The company’s solutions also help to streamline processes.

Here are the main components of Trulioo:

  • Identify Verification: The solution is global, with data from over 80 countries. It can handle complex nuances, including different standards, local regulations and data sources.
  • ID Document Verification: This component enables the verification of documents online. To this end, the technology uses sophisticated image capture and data analytics to detect forgeries, expirations and stolen documents. ID Document Verification handles more than 4,200 types of identify documents in nearly every country.
  • Business Verification: This system can determine if a business is a front for corruption, fraud or money laundering. This can definitely be extremely helpful with B2B transactions. The database has information on over 330 million businesses.
  • Embed ID: This is an API (Application Programming Interface) that enables Trulioo to be implemented on third-party websites and mobile apps. Embed ID essentially makes it easier to create custom solutions and integrations.
  • Anti-Money Laundering (AML) Watchlist: This system allows users to identify suspected money launderers, terrorists and other high-risk operators. The technology also enables compliance with “Know Your Customer” requirements.

Trulioo’s growth has been strong. Recently CNBC put Trulioo on its Disruptor’s list. where the company is ranked 27th.

The impact of the novel coronavirus has also accelerated the firm’s growth. After all, it’s now more important for companies to verify online relationships. Consider that Trulioo has partnered with American Express (NYSE:AXP) to provide free identification services to small businesses.

Everyone May Get a Chance to Invest in Trulioo Stock

Trulioo has raised a total of $96.6 million in venture funding. Its latest round of funding came in September 2019 when the company announced a $70 million Series C, and the lead investor was Goldman Sachs (NYSE:GS). Some of the other investors included American Express (NYSE:AXP), Citi (NYSE:C), Santander (NYSE:SAN), BDC Capital and Blumberg Capital.

Then in March, Ufford announced that he would step down as the CEO. His replacement was Steve Munford, who is a proven executive with deep experience in security and enterprise software. Before taking this role, he served as the interim CEO at Carbonite, which he sold to Open Text (NASDAQ:OTEX).

Ufford appears to want to go back to his startup roots. But the leadership transition is also a sign that the company is preparing for its next growth spurt. In other words, it would not be a surprise to see Uffird’s resignation as CEO as a prelude to a public offering.

Tom Taulli (@ttaulli) is an advisor and author of various books and online courses about technology, including Artificial Intelligence Basics, The Robotic Process Automation Handbook and Learn Python Super Fast. He is also the founder of WebIPO, which was one of the first platforms for public offerings during the 1990s. As of this writing, he did not hold a position in any of the aforementioned securities.

Private Investing

Investing through equity and real estate crowdfunding or asset tokenization requires a high degree of risk tolerance. Despite what individual companies may promise, there’s always the chance of losing a portion, or the entirety, of your investment. These risks include:

1) Greater chance of failure
2) Risk of fraudulent activity
3) Lack of liquidity
4) Economic downturns
5) Dearth of investor education

Read more: Private Investing Risks

Tom Taulli is the author of various books. They include Artificial Intelligence Basics and the Robotic Process Automation Handbook. His upcoming book is called Generative AI: How ChatGPT and other AI Tools Will Revolutionize Business.

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